3 Trends That Are Great News for Today’s Homebuyers

3 Trends That Are Great News for Today’s Homebuyers

While mortgage rates are at a peak this year, there is good news for those still looking to buy their first home.

The housing market has cooled this year, but that doesn't mean buyers should shy away from homes. Here are just a few trends to help you find your dream home! 

1. More Homes To Choose from

The housing market is a hot topic these days. With supply low and demand skyrocketing, it’s becoming more difficult than ever to find a property that suits your needs! According to Calculated Risk, the supply of homes for sale increased by 39.5% this past week compared with last year's figures

It is still a sellers’ market, but you have more options to choose from in your search. That makes finding the perfect home for yourself just that little bit easier!

2. Bidding Wars Have Eased

While some people might be nostalgic for the days of bidding wars, modern buyers have more options than ever before. This means that you are likely to face lower competition from other would-be homeowners looking at homes in your area or want similar properties as your own! The National Association of Realtors recently reported that offers on recently sold homes have declined over the past year. This September, homeowners received an average of 2.5 offers per sale as opposed to 3 last year - a significant drop off in terms of quantity!

The bidding war frenzy is in full swing, and you may have been outbid on several homes along the way. Now's a great time to jump back into buying again - houses are much cheaper than they were last year!

3. More Negotiation Power

The data from the National Association of Realtors (NAR) shows that more buyers are willing to skip important steps in a home buying process, like an appraisal or inspection. However, this trend may be reversing itself as competition has lessened over recent years

The appraisal and inspection give you essential information about the value of your potential home. And if something turns up during either one, then as a buyer this gives even more power to negotiate with sellers!

The realtor.com survey revealed that more homeowners are demanding inspections before accepting offers. 95% of sellers said buyers requested an inspection, and 67% negotiated repairs as a result of the inspection findings.

Bottom Line

You'll never have a better opportunity to get into your dream home than right now. With tough housing market conditions, many buyers are struggling just like you did last year when looking for a property—but that doesn't mean this is an impossible feat, if we work together and take advantage of all those who may be sellers waiting on their next move before they agree too quickly without checking out any other options first, We can help each other find what fits our needs perfectly so let's connect!

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